Ero Copper (NYSE:ERO) Trading Down 3.9% - Here's What Happened

Key Points

• Shares fell about 3.9% to roughly $30.85 (intraday low $30.62) on light volume of ~507,317 shares, a roughly 70% decline from the stock's average daily volume.
• Analyst sentiment is mixed with a MarketBeat consensus of Hold and an average price target of $31.50, following recent upgrades (Canaccord, Wall Street Zen) and downgrades/price-target cuts (Bank of America, Goldman Sachs).
• Ero Copper reported quarterly EPS of $1.04 (missing the $1.06 estimate) and revenue of $320.2M, well below the $430.46M analysts expected.

Ero Copper Corp. (NYSE:ERO - Get Free Report) shares dropped 3.9% during mid-day trading on Tuesday . The company traded as low as $30.62 and last traded at $30.8520. Approximately 507,317 shares were traded during trading, a decline of 70% from the average daily volume of 1,695,269 shares. The stock had previously closed at $32.12.

Analyst Ratings Changes

ERO has been the topic of a number of recent research reports. Canaccord Genuity Group raised Ero Copper from a "hold" rating to a "buy" rating in a research report on Wednesday, January 14th. Bank of America downgraded Ero Copper from a "buy" rating to a "neutral" rating in a research report on Monday, February 9th. The Goldman Sachs Group downgraded Ero Copper from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $33.00 to $31.00 in a research report on Tuesday. Loop Capital set a $32.00 price target on Ero Copper in a research report on Tuesday, December 30th. Finally, Wall Street Zen raised Ero Copper from a "hold" rating to a "buy" rating in a research report on Saturday, March 7th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, Ero Copper presently has a consensus rating of "Hold" and an average price target of $31.50.

Ero Copper Stock Down 5.9%

The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.46 and a current ratio of 0.82. The stock has a market capitalization of $3.15 billion, a PE ratio of 11.91 and a beta of 1.29. The business has a 50 day moving average of $29.30 and a two-hundred day moving average of $26.68.

Ero Copper (NYSE:ERO - Get Free Report) last issued its quarterly earnings data on Thursday, March 5th. The company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The company had revenue of $320.20 million for the quarter, compared to analysts' expectations of $430.46 million. Ero Copper had a return on equity of 27.09% and a net margin of 33.56%. Analysts predict that Ero Copper Corp. will post 0.71 EPS for the current year.

Institutional Trading of Ero Copper

Several hedge funds and other institutional investors have recently made changes to their positions in ERO. Royal Bank of Canada raised its stake in shares of Ero Copper by 2.3% during the 1st quarter. Royal Bank of Canada now owns 188,384 shares of the company's stock valued at $2,283,000 after buying an additional 4,325 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ero Copper during the 1st quarter valued at about $217,000. Goldman Sachs Group Inc. raised its stake in shares of Ero Copper by 82.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 275,598 shares of the company's stock valued at $3,340,000 after buying an additional 124,179 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Ero Copper during the 1st quarter valued at about $356,000. Finally, Geode Capital Management LLC raised its stake in shares of Ero Copper by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 55,170 shares of the company's stock valued at $936,000 after buying an additional 1,823 shares during the last quarter. Hedge funds and other institutional investors own 71.30% of the company's stock.

About Ero Copper

Ero Copper Corp NYSE: ERO is a Canada-based natural resource company focused on the production of copper concentrate from its Brazilian operations. The company’s flagship asset is the Vale do Curaçá mining complex in the state of Bahia, which includes multiple underground mines and a centralized processing facility. Ero Copper’s primary product is copper concentrate, which is sold to smelters and end users around the world.

The Vale do Curaçá complex comprises the Pilar and Surubim underground mines, supported by a fully integrated processing plant.

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